The bank is also planning to establish an International Islamic Trade Finance Corporation (ITFC) to monitor and facilitate regional trade and finance among 26 Islamic member countries.

This was announced at a seminar titled 'IDB Group Financial Services' held in Dhaka Sheraton Hotel yesterday.

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and IDB in

coordination with Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Islamic Corporation for the Development of the Private Sector (ICD) organised the seminar.

Speaking on the occasion, State Minister for Finance Shah Mohammad Abul Hussain alleged a section of political parties are trying to reap political gains and create anarchy over some unexpected incidents like bomb attacks in the country.

"The situation is obviously improving as the common people are not involved with untoward incidents," he said.

Praising different IDB projects, the state minister said the IDB group is a unique multilateral financing institution because it uses financing modes that are Shari'ah-compatible for its operations and its membership comprises only the developing countries.

He said with the changed international trade scenario Bangladesh must keep pace with the new environment and concentrate on economic or other form of groupings.

"We need to collectively explore new avenues to enhance cooperation among the IDB member countries," he said.

The state minister said Bangladesh has so far received US$ 3.30 billion of assistance from IDB and out of this $ 432 million came as project aid while $ 2.9 billion as trade financing.

In a presentation, IDB Senior Executive Muhamad Iqbal Azad said the objective of the IDB trade finance is to foster cooperation through further enhancing intra-trade among the member countries.

To promote trade, he said, the IDB has designed some effective programmes, including strengthening trade relations, exploring possible trade cooperation and complementing and facilitating opportunities for intra-trade and export development of member countries.

FBCCI President Mir Nasir Hossain, Vice-president Dewan Sultan Ahmed, IDB senior executives Yasser Alaqi and Mabroor Mahmood were also present at the function.